Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.</li>
<li>EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.</li>
<li>Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.


Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.


Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.</li>
<li>In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.</li>
<li>Competition from peers like BDMS and the new co-payment rules remain near term hiccups.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.
In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.
Competition from peers like BDMS and the new co-payment rules remain near term hiccups.


Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 11th. We estimate that they had an aggregated short interest worth USD1.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in WHA Corporation PCL , Siam Cement PLC.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 11th. We estimate that they had an aggregated short interest worth USD1.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in WHA Corporation PCL , Siam Cement PLC.


Thailand Short Interest Weekly (Apr 11th): WHA, SCC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.</li>
<li>EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.</li>
<li>COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.


Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

Thailand

Bangkok Dusit Medical Services Public Company Limited (BDMS) is Thailand's largest private hospital group, operating a network of hospitals and wellness clinics across Thailand and Cambodia under multiple brands, including Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. The company offers a wide range of healthcare services, from preventive care to tertiary and super-tertiary treatments, and also engages in related businesses such as medical laboratories, pharmaceutical production, and medical equipment distribution. BDMS was established in 1969 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangkok Dusit Medical Services (BDMS TB)